One third of affluent investors are using social media platforms for personal finance and investing purposes, according to a new report.
Cogent Research, Cambridge, Mass., published this finding in a survey, “Social Media’s Impact on Personal Finance and Investing. The report is based on a nationally representative survey of over 4,000 investors with more than $100,000 in investable assets.
The survey shows that 34 percent of affluent investors use social media platforms like Facebook, LinkedIn, Twitter, YouTube and company blogs for personal finance and investing purposes. Also, nearly 70 percent of respondents have reallocated investments; or they began or altered relationship with investment providers based on content found through social media, reflecting the importance of strong social media strategy for asset managers and distributors.